gloStream raises $7.5 Million in Series B funding

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Michigan: Healthcare and software company gloStream has raised $7.5 million in the series B funding co-led by the gloStream's management team and Beringea, a private investment and equity banking firm. The company manufactures and sells Microsoft embedded electronic medical records (EMR) and practice management (PM) solutions.

The capital raised will be used in every required aspect of gloStream including development, marketing and sales.

"Beringea's investment is an important vote of confidence in our people, our products and our vision, . It's also a recognition that Michigan-based companies are taking a leadership role when it comes to national healthcare IT initiatives and creating technology that will drastically improve the care that doctors can provide their patients." said Mike Sappington, gloStream's CEO

The series B funding round has come after the U.S. president Barack Obama has signed the American Recovery & Reinvestment Act (ARRA) as a law. The ARRA allocates around $20 million for the healthcare IT. For implementing the EMR Technology, the law allocates up to $64,000 per doctor through the Centers for Medicare and Medicaid Services.

Beringea director Michael Gross said, "gloStream offers the only integrated EMR/PM solution on the market embedded with Microsoft Office, it is easy to deploy and use, and it is already helping more than a thousand users nationwide improve the efficiency of healthcare delivery."

Beringea's investment was made available through its InvestMichigan! Growth Capital Fund, which is part of the $300 million InvestMichigan! fund. This fund targets different sectors and is planned for generating strong returns for investors and developing the next generation of Michigan companies.

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